金融全球化

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(经济观察)多极化货币体系提供更公平的“金融选择权”
Sou Hu Cai Jing· 2025-06-19 12:27
Group 1 - The current international economic and trade order is under pressure, leading to discussions on reshaping a multipolar international monetary system to maintain global economic and financial stability at the 2025 Lujiazui Forum [1] - A multipolar monetary system can alleviate structural weaknesses in the global financial system and provide fairer financial choices for developing countries [1][2] - The dominance of the dollar in financial globalization has increased global economic vulnerability and external imbalances, highlighting the need for a multipolar monetary system to mitigate risks and enhance resilience [1][2] Group 2 - A multipolar international monetary system can distribute the pressure of international liquidity supply, reducing the burden on a single reserve currency country [2] - Key strategies for reshaping a resilient multipolar monetary system include promoting various currency payment systems, enhancing regional financial cooperation, and improving global financial governance [2] - The development of digital technologies such as smart contracts and decentralized finance can reshape payment infrastructure and diversify settlement methods, challenging the traditional use of cross-border payment systems as unilateral sanction tools [2] Group 3 - The future international monetary system may evolve towards a landscape of several sovereign currencies coexisting, competing, and balancing each other [3] - Sovereign currency countries must take on corresponding responsibilities, strengthen domestic fiscal discipline, and promote structural economic reforms [3]
国际固定收益平台的发展趋势
Sou Hu Cai Jing· 2025-06-19 02:48
Group 1 - The article discusses the development characteristics of global fixed income platforms over the past decade, emphasizing that the evolution of electronic trading platforms impacts liquidity discovery, trading behavior, and regulatory approaches in the fixed income market [1] - Electronic trading in the bond market has rapidly evolved since the late 1990s, becoming the mainstream trading method, with platforms transitioning from offline processes to self-structured online trading workflows [1] Group 2 - Over the past decade, electronic platforms have expanded their business scope, leading to the integration of various sub-markets to enhance liquidity and diversify investment products [2] - Major acquisitions include CME's purchase of NEX Group in 2018 and ICE's acquisition of TMC Bonds, which have transformed them into comprehensive trading service providers [2][3] - Data services have become a significant revenue source for trading platforms, with many focusing on index services that combine data and bond trading [3] Group 3 - The implementation of MiFID II has increased the demand for transaction reporting services, prompting platforms like Bloomberg and MarketAxess to expand their reporting capabilities through acquisitions [4] - The electronicization of the issuance market remains underdeveloped compared to the secondary market, indicating future growth potential for service providers [5] Group 4 - The trend in the fixed income market shows a contraction of single-dealer platforms and an expansion of multi-dealer platforms, with many single-dealer platforms closing down [6][7] - Multi-dealer platforms are favored due to their ability to provide liquidity from multiple sources, which is crucial for bond investors [7] Group 5 - Global trading platforms are increasingly attractive to investors, with emerging market bonds yielding higher returns than developed market counterparts, leading to a preference for platforms that offer a wide range of tradable assets [8][11] - The dominance of platforms like Bloomberg, MarketAxess, and Tradeweb among EMEA-based institutions highlights the trend towards global trading solutions [8][11] Group 6 - Control over data rights is critical for trading platforms' success, with comprehensive platforms like Bloomberg leveraging proprietary data to enhance their competitive edge [12][13] - The integration of multiple functionalities, such as communication tools and transaction cost analysis, makes platforms more appealing compared to those with limited capabilities [14] Group 7 - Trading platforms are increasingly focusing on technological advancements and geographic expansion, with significant investments in fintech and acquisitions to enhance their service offerings [19][20] - New entrants in the market are targeting niche areas, such as data sharing networks and user-friendly technology solutions, to meet the evolving demands of asset management firms [21][22][23] Group 8 - The article suggests that domestic trading platforms can learn from international trends by focusing on core asset classes to attract participants and enhance service offerings [25] - Emphasizing data rights and technological integration will be essential for platforms to remain competitive in a rapidly evolving market [27]
特稿|盛松成:沪港金融中心协同发展,构建金融强国“双引擎”
Di Yi Cai Jing· 2025-06-18 01:28
Core Viewpoint - The collaboration between Shanghai and Hong Kong as international financial centers is crucial for China's financial globalization, serving as a "dual engine" for global financial development and governance [1]. Group 1: Shanghai's Financial Market - Shanghai has established itself as an international financial center that aligns with China's economic strength and the international status of the RMB, with a total financial market transaction volume reaching 36.503 trillion yuan in 2024, a year-on-year increase of 8.2% [2]. - The Shanghai Stock Exchange ranks third globally in market capitalization and fifth in trading volume, while its bond market is the second largest worldwide [2]. - Shanghai is a core hub for RMB asset allocation, with RMB accounting for 70% of cross-border receipts and nearly 50% of national cross-border RMB settlements [2]. Group 2: Hong Kong's Financial Market - Hong Kong is highly internationalized, with a significant number of foreign banks and being the largest offshore RMB hub globally, holding approximately 1.1 trillion yuan in RMB deposits by the end of 2024 [3]. - The daily average transaction volume of Hong Kong's RMB instant payment settlement system reached 30.975 trillion yuan in 2024, marking a 50% year-on-year increase [3]. - Hong Kong processes about 75% of global offshore RMB payment transactions, maintaining the largest offshore RMB liquidity pool and foreign exchange market [3]. Group 3: Collaborative Development - The collaboration between Shanghai and Hong Kong is built on a solid foundation, with Hong Kong being the largest source of foreign investment for Shanghai and a key partner in service trade [4]. - There are established financial infrastructure connections, including the CIPS and RTGS systems, and various investment products such as "Shanghai-Hong Kong Stock Connect" and "Bond Connect" [4]. - The cooperation has deepened in areas like risk management for the Belt and Road Initiative and green finance product development [4]. Group 4: Advantages of Collaboration - Shanghai's strong resource allocation capabilities and efficient financial infrastructure position it as a crucial player in China's onshore financial market, while Hong Kong serves as a vital link to international markets [5]. - The collaboration helps both cities address challenges posed by international political changes and competition in technological innovation [5]. - The partnership enhances Shanghai's offshore financial system and increases foreign financial institutions' participation in its market [5]. Group 5: Enhancing RMB Market - The synergy between onshore and offshore markets is essential for improving the pricing mechanisms of RMB assets, enhancing market efficiency, and establishing a more transparent RMB exchange rate formation mechanism [6]. - Strengthening regulatory cooperation and exploring innovative financial systems will facilitate integration into the global economic and financial landscape [7]. - The collaboration will lead to the development of more financial products and services, increasing market liquidity and attracting more international financial institutions [8]. Group 6: Future Prospects - The cooperation aims to achieve a "chemical fusion" beyond mere physical connections, establishing a dual circulation model for RMB and enhancing the internationalization of the currency [9]. - Historical experiences from the collaboration between London and New York provide a reference for Shanghai and Hong Kong's financial integration [10]. - Leveraging Shanghai's pilot experiences and regulatory cooperation can yield significant institutional innovations and enhance market stability [11].